Ethereum treasury firm Sharplink takes in ether for the first time in eight months

Sharplink (SBET) apparently bought 5,000 ether (ETH) worth about $7.85 million on Thursday, its first ether inflow in eight months, according to Arkham data showing the coins arriving from crypto brokerage FalconX.

The purchase is small against the company's existing pile and lands at an awkward moment. Sharplink held 876,285 ether as of June 21, worth roughly $1.3 billion, making it the second-largest public ether treasury company behind Tom Lee's Bitmine Immersion (BMNR), which held about 5.67 million ether in mid-June.

Onchain analyst EmberCN put Sharplink's average purchase price at about $3,609 per coin, which implies an unrealized loss of around $1.79 billion with ether trading near $1,555.

Its last purchase came in October 2025, when it added 19,270 ether for $78.3 million, also now deep underwater.

ETH fell 5% over the last 24 hours in a broad crypto sell-off, dropping below $1,560 as bitcoin slipped under $59,000. Tether's USDT briefly overtook ether by market value during the rout, at about $186 billion to ether's $185 billion.

Sharplink has leaned harder into ether even as the price has fallen. It rebranded from SharpLink Gaming in February while expanding from basic ether staking, locking up tokens to help secure the network in exchange for rewards, into other onchain yield strategies.

It reported $12.1 million in revenue in the first quarter, compared to $742,000 a year earlier.

The company recently backed Ethlabs, a nonprofit founded by former Ethereum Foundation researchers to ready the network for wider institutional use, alongside Bitmine and Ethereum co-founder and Sharplink chairman Joe Lubin.

The market has not rewarded the conviction, however. Sharplink's Nasdaq-listed shares closed down 3.5% at $4.56 on Thursday and have fallen about 27% in a month and 50% over six months.

Sharplink has not publicly confirmed the transfer. CoinDesk has reached out for comment.

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